JEFFERSON (WRN) - A renewable energy company from Texas will buy a struggling ethanol plant in Jefferson for $72 million. Valero Renewable Fuels of San Antonio submitted the highest of 4 bids to purchase the Renew Energy plant at a bankruptcy court auction. The deal is expected to be finalized early next year, pending approval from federal regulators. Renew Energy filed for bankruptcy protection earlier this year. It told the state last month it would have to close the Jefferson ethanol plant and let 70 workers go if a buyer wasn’t found. The plant has been running at a reduced capacity, but Valero says it plans to resume full production eventually, making 110 million gallons of ethanol a year. Valero has 7 ethanol plants in Minnesota, Iowa, Nebraska, and South Dakota. And it’s in the process of buying two former VeraSun ethanol plants in Indiana and Ohio.
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